Core Insights - The collaboration between Jiyue Star and Geely Automobile Group has led to the open-source release of two multimodal large models: Step-Video-T2V for video generation and Step-Audio for voice interaction [1] Group 1: Model Performance - The Step-Video-T2V model is reported to have a leading parameter count and performance in the global open-source video generation field [1] - Step-Audio is noted as the industry's first product-level open-source voice interaction model [1]

Group 1 - Geely Automobile announced that all conditions precedent for the Lynk & Co acquisition and capital injection have been met, with the transaction completed on February 14, 2025 [1] - Following the completion of the acquisition and capital injection, Lynk & Co is now owned 49% by Ningbo Geely and 51% by Zhejiang Zeekr [1] - Lynk & Co has become an indirect non-wholly-owned subsidiary of both Zeekr and Geely [1] - The group is expected to record an unaudited revenue of approximately RMB 6.47 billion post-acquisition [1]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1] Core Views - Geely is positioned to enter a new growth phase in the smart electric vehicle era, with its technology foundation and brand structure ready for expansion as new models are launched [7][40] - The company aims to achieve a sales target of 1 million units by 2025, focusing on the integration of its brands and enhancing its product matrix [7][40] Summary by Sections Strategic Focus - The "Taizhou Declaration" marks a new strategic phase for Geely, emphasizing resource integration and efficient operations across its business segments [10][14] - The company plans to streamline its operations and clarify brand positioning to enhance resource utilization and reduce conflicts [10][14] Galaxy Division - Geely aims to align with industry leaders and achieve significant scale by 2025, focusing on the mainstream new energy market [7][23] - The company has faced challenges in its transition to new energy vehicles, particularly in the hybrid segment, but is now poised for a scale effect with new product launches [23][31] Zeekr & Lynk & Co - The integration of Zeekr and Lynk & Co is aimed at enhancing resource collaboration while maintaining distinct brand identities [19][21] - Both brands are expected to see significant sales growth, entering a critical period for profitability [7][19] Technological Advancements - Geely has developed a comprehensive AI technology system for smart vehicles, with plans to enhance self-driving capabilities by 2025 [7][21] - The company is advancing its hybrid technology, with the new EM-I system expected to compete effectively in the market [32][36] Financial Projections and Investment Recommendations - The report revises profit forecasts for Geely, projecting net profits of 16.013 billion, 14.046 billion, and 18.838 billion for 2024, 2025, and 2026 respectively [4][7] - The company is expected to enter a new growth cycle as new models are launched, reinforcing the "Buy" rating [7][40]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The new vehicle cycle is expected to significantly boost sales in 2024, with a projected total sales volume of 2.169 million units, representing a year-on-year growth of 27.4% [7] - The earnings per share (EPS) forecasts for 2024-2026 are adjusted to 1.43, 1.08, and 1.29 yuan respectively, with a target price set at 16.20 yuan (RMB) or 17.60 HKD [2][5] Financial Performance Summary - **Revenue Forecasts**: - 2022: 147,965 million yuan - 2023: 179,204 million yuan (21.1% YoY growth) - 2024: 224,632 million yuan (25.4% YoY growth) - 2025: 269,476 million yuan (20.0% YoY growth) - 2026: 316,008 million yuan (17.3% YoY growth) [4][10] - **Net Profit Forecasts**: - 2022: 5,260 million yuan - 2023: 5,308 million yuan (0.9% YoY growth) - 2024: 14,442 million yuan (172.1% YoY growth) - 2025: 10,884 million yuan (-24.6% YoY growth) - 2026: 12,948 million yuan (19.0% YoY growth) [4][10] - **Profitability Ratios**: - Gross Margin: - 2022: 14.1% - 2023: 15.3% - 2024: 15.6% - 2025: 15.6% - 2026: 15.6% [4][10] - Net Margin: - 2022: 3.6% - 2023: 3.0% - 2024: 6.4% - 2025: 4.0% - 2026: 4.1% [4][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) Ratio: - 2022: 23.8 - 2023: 23.5 - 2024: 8.7 - 2025: 11.5 - 2026: 9.7 [4][10] Sales Performance Summary - In December 2024, the total sales volume reached 210,100 units, a year-on-year increase of 43.3% [7] - The company exceeded its annual sales target for 2024, achieving a cumulative sales volume of 1,669,000 units [7] - The sales of new energy vehicles in December 2024 reached 111,200 units, marking a year-on-year growth of 93.1% [7]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.0, indicating a potential upside of 33% from the current price of HKD 14.3 [4][6]. Core Insights - The company achieved a record monthly sales figure of 267,000 vehicles in January, representing a year-on-year growth of 25% and a month-on-month increase of 27% [1][2]. - The sales performance of the company's brands shows a positive trend, with the Geely brand selling 225,000 vehicles (up 30%), while Zeekr and Lynk & Co brands experienced slight declines and modest growth, respectively [2][3]. - The company has set an ambitious sales target of 2.71 million vehicles for 2025, with significant contributions expected from the Geely brand [3]. Summary by Sections Sales Performance - In January, the total sales reached 267,000 units, marking a 25% increase year-on-year and a 27% increase month-on-month [1][2]. - The Geely brand's sales were particularly strong, while Zeekr's sales declined by 5% [2]. Brand Strategy - The company has clarified its brand positioning through internal resource integration, focusing on strategic measures for long-term development [3]. - The Geely brand targets the mid-to-low-end market, while Lynk & Co aims at the premium segment, and Zeekr focuses on technology and luxury [3]. Financial Projections - The company forecasts revenue growth from HKD 179.2 billion in 2023 to HKD 288.7 billion in 2025, with a projected net profit of HKD 15.8 billion in 2024 [8][10]. - The gross margin is expected to improve gradually, reaching 16.1% by 2025 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total vehicle sales of 2.177 million units for the year 2024, exceeding expectations, with a significant increase of 92% in new energy vehicle sales year-on-year [2][4]. - In December 2024, the company achieved sales of 210,000 vehicles, representing a year-on-year increase of 43.3% but a month-on-month decrease of 16.0% [2][4]. - The GEA platform is expected to support a new product cycle, enhancing the company's growth potential with brands like Geely, Lynk & Co, and Zeekr performing well [2][4]. Summary by Sections Overall Performance - The cumulative sales for 2024 reached 2.177 million units, marking a year-on-year growth of 32.0% [2][4]. - In Q4 2024, cumulative sales were 687,000 units, reflecting a year-on-year increase of 31.9% and a month-on-month increase of 28.6% [2][4]. Brand Performance - In December, Geely brand sales were 157,000 units, up 46.0% year-on-year but down 17.7% month-on-month [2][4]. - The Galaxy brand saw sales of 69,000 units, a remarkable year-on-year increase of 474.5% [2][4]. - Zeekr's sales reached 27,000 units, up 101.8% year-on-year, while Lynk & Co sold 26,000 units, a slight increase of 1.5% year-on-year [2][4]. New Energy Vehicles - New energy vehicle sales in December were 111,000 units, up 84.0% year-on-year, accounting for 52.9% of total sales, an increase of 12.8 percentage points year-on-year [2][4]. - The company aims for new energy vehicle sales to reach 1.5 million units in 2025, representing a year-on-year growth of 69% [2][4]. Future Outlook - The GEA platform is set to drive a new cycle of technology and product development, with expectations for strong sales momentum in 2025 [2][4]. - The company has set a sales target of 2.71 million units for 2025, with specific targets for each brand [2][4]. - The projected net profits for 2024-2026 are 16 billion, 12.1 billion, and 15.7 billion yuan, respectively, with corresponding PE ratios of 8.1X, 10.7X, and 8.3X [2][4].

Investment Rating - The report maintains an "Outperform" rating for Geely Automobile [5][3]. Core Insights - Geely Automobile is positioned as a leader in China's independent passenger vehicle market, with a significant increase in sales and profits expected in 2024, marking the beginning of a new growth cycle driven by three major reforms: technological breakthroughs, management improvements, and brand integration [1][2][17]. - The company is expected to become the second-largest new energy vehicle manufacturer in China by 2025, capitalizing on the opportunities in the SUV and electrification markets [1][2]. Financial Performance Summary - In 2024, Geely's total vehicle sales are projected to reach 2.177 million units, reflecting a 29% year-on-year increase [29]. - For the first three quarters of 2024, the company reported revenue of 167.684 billion yuan, a 36% increase compared to the previous year, with a net profit of 13.053 billion yuan, representing a staggering 358% year-on-year growth [30][35]. - The revenue forecast for 2024-2026 is as follows: 2024 revenue at 244.681 billion yuan, 2025 at 309.740 billion yuan, and 2026 at 356.494 billion yuan, with corresponding net profits of 16.568 billion yuan, 13.625 billion yuan, and 17.887 billion yuan [3][4]. Business Transformation Summary - Geely is undergoing significant transformations, including the integration of the Geometry brand into the Galaxy brand, and the consolidation of the Zeekr and Lynk & Co brands to enhance operational efficiency [2][17]. - The company has introduced advanced technologies such as the Thor hybrid system and the 11-in-1 electric drive, which are expected to strengthen its product offerings [2][17]. - The Galaxy series is anticipated to become a major growth driver, while the Zeekr brand is expanding into the high-end electric vehicle market and collaborating with Waymo for autonomous vehicle development [2][17]. Market Positioning Summary - Geely's market strategy focuses on leveraging its strong product capabilities and expanding its presence in both domestic and international markets, particularly in Southeast Asia [38][41]. - The company has established a robust production capacity with over 20 factories domestically and in Southeast Asia, ensuring efficient support for its sales growth [38][39].

Investment Rating - The investment rating for Geely Automobile is not explicitly stated in the provided documents, but the report indicates a positive outlook based on sales performance and strategic initiatives [2]. Core Insights - Geely's January sales reached 267,000 units, a year-on-year increase of 24.9% and a month-on-month increase of 27.0%. The Geely brand alone sold 225,000 units, up 30.1% year-on-year and 43.3% month-on-month [2]. - The Galaxy model saw significant growth, with sales of 94,000 units, representing a year-on-year increase of 134.2% and a month-on-month increase of 34.7% [2]. - The company is expanding its product matrix, with new models such as the Galaxy L6 EM-i and Lynk & Co 900, which are expected to contribute to sales growth [2]. - Geely is deepening its global strategic layout, with the opening of its first CKD factory in the Middle East and plans for local assembly in various regions, enhancing its competitive edge [2]. - The report highlights the ongoing advancement of Geely's smart technology, including the development of a native autonomous vehicle in collaboration with Waymo [2]. Financial Summary - For the fiscal year 2023, Geely's revenue is projected at 179.2 billion, with a year-on-year growth of 21%. Revenue is expected to reach 243.3 billion in 2024, 330.8 billion in 2025, and 421.0 billion in 2026, with respective growth rates of 36% [3][4]. - The net profit attributable to the parent company is forecasted to be 5.3 billion in 2023, increasing to 16.0 billion in 2024, before declining to 12.4 billion in 2025, and then rising again to 16.9 billion in 2026 [3][4]. - The earnings per share (EPS) is expected to be 0.51 in 2023, increasing to 1.59 in 2024, then decreasing to 1.24 in 2025, and finally reaching 1.68 in 2026 [3][4]. - The price-to-earnings (P/E) ratio is projected to be 15.76 for 2023, decreasing to 10.44 in 2024, then increasing to 13.42 in 2025, and finally dropping to 9.88 in 2026 [3][4].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.0, indicating a potential upside of 33% from the current price of HKD 14.3 [6][4]. Core Insights - The company achieved a record monthly sales figure of 267,000 vehicles in January, representing a year-on-year growth of 25% and a month-on-month increase of 27% [1][2]. - The sales performance of the company's brands shows a positive trend, with the Geely brand selling 225,000 vehicles (up 30%), while Zeekr and Lynk & Co brands experienced a decline and modest growth, respectively [2][3]. - The company has set a sales target of 2.71 million vehicles for 2025, with significant contributions expected from the Geely brand, which is positioned in the mid-to-low-end market [3]. Summary by Sections Sales Performance - In January, the total sales reached 267,000 units, with a year-on-year increase of 25% and a month-on-month increase of 27% [1][2]. - The Geely brand's sales were 225,000 units, showing a 30% increase year-on-year, while Zeekr's sales were 12,000 units, down 5% [2]. Brand Strategy - The company has completed internal resource integration, leading to clearer brand positioning, which is expected to support long-term growth [3]. - The Geely brand targets cost-conscious consumers and is entering a technology explosion phase with new architectures and technologies [3]. Financial Projections - The company forecasts revenue growth from HKD 179.2 billion in FY2023 to HKD 288.7 billion in FY2025, reflecting a compound annual growth rate (CAGR) of approximately 34% [10]. - Net profit is projected to increase significantly from HKD 5.3 billion in FY2023 to HKD 13.8 billion in FY2025, with a notable growth rate of 197% in FY2024 [10].

吉利汽车（0175.HK）系列点评十九 2025 销量开门红 银河加速爬坡 2024 年 02 月 03 日 ➢ 事件概述：公司发布 1 月销量公告，1 月批发总销量 26.7 万辆，同比+24.9%， 环比+27.0%。其中，1 月新能源销量 121,071 辆，同比+83.9%，环比+8.9%， 渗透率 45.4%。 相关研究 分品牌看：吉利品牌 1 月销量 22.5 万辆（银河 93,545 辆（含几何））；极氪 1 月 销量 11,942 辆；领克 1 月销量 30,077 辆。 ➢ 1 月销量开门红 2025 冲刺 271 万辆。1 月公司总批发销量环比增长，再 创新高，受银河、极氪品牌新品上量驱动，1 月新能源批发总销量 12.1 万辆，同 比+83.9%，环比+8.9%，表现亮眼。根据公司公告的销量目标，公司 2025 年 目标销量为 271 万辆，预计同比增长约 25%，其中吉利品牌 200 万辆、极氪品 牌 32 万辆、领克品牌 39 万辆。此外，新能源汽车销量目标为 150 万辆，预计 同比增长约 69%，吉利新能源品牌定位更加清晰，银河、极氪（含领克）分别定 位主流消费市场、科技豪华，2 ...